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I spent a LOT of time and a little money looking into it. The banks are ridiculous. Around here it seems like the little banks you've never heard of let them go at the auction for a good deal to avoid the cost of the foreclosure process but for the most part the banks are buying them all back at the auction and then listing them on the market for an unreasonably high price. I live in a place where it gets cold in winter and people usually wait until spring to move so I know prices are not going to go higher soon, then not in winter, so 11 months is the soonest here, lol. I'm slow playing it. If McCain wins he has already said he isn't bailing mortgage holders out so prices will fall more. It will be interesting.
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